11 Guam Code Ann. § 130102
Terms Used In 11 Guam Code Ann. § 130102
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(1) Real property used or to be used primarily as the principal office or branch of such association. provided, that no association shall invest in such real property more than one-half (1/2) of the sum of its aggregate paid-up non-withdrawable capital. federal insurance reserve, loan reserve. and any surplus and reserve which is not subject to distribution to the shareholders or stockholders except upon dissolution or liquidation;
(2) Furniture. fixtures. furnishings. equipment and leasehold improvements necessary or proper for the business of such association, or for use in connection with properties owned by, or securing loans of such association; provided, that no association shall invest in furniture, fixtures, furnishings, equipment and leasehold improvements for its offices, more than twenty percent (20%) (or, if it has no real property used or to be used primarily as its principal office or branch, thirty percent (30%)) of the sum of its aggregate paid-up non-withdrawable capital, federal insurance reserve, loan reserve, and any surplus and reserve which is not subject to distribution to the shareholders or stockholders except upon dissolution or liquidation;
(3) United States government bonds and treasury certificates, or any bonds, debentures, notes or other obligations guaranteed by the United States of America;
(4) Bonds. debentures and notes issued by any federal home loan bank, or other similar federal agency, or consolidated federal home loan hank bonds, debentures or notes;
(5) Bonds of this territory;
(6) Bonds, other securities and banker’s acceptances which are legal as investments for or purchases by savings banks in this territory;
(7) Bonds issued by any railroad corporation or any public utility corporation, excluding street railway corporations,
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substantially all of the properties of which are located in the United States of America; provided, the purchase of all bonds pursuant to the sole authority of this subdivision (7) shall be first approved by the Commissioner;
(8) Stock issued by any federal home loan bank or other similar federal agency of which such association may be eligible to be a member;
(9) Bonds, notes, debentures or other obligations of national mortgage associations or other similar credit institutions now or hereafter organized under Title III of the National Housing Act; provided, the purchase of all bonds, notes, debentures or other obligations pursuant to the sole authority of this subdivision (9) shall be first approved by the Commissioner; or
(10) Stock, obligations, or other securities of any corporations organized under the laws of Guam, if the entire capital stock of such corporation is available for purchase only by domestic associations, but no association may make any investment under this subdivision (10) if its aggregate outstanding investment under this subdivision (10), ‘determined as prescribed by the Commissioner, would thereupon exceed one percent (1%) of its assets; provided, further, that such investment is one that would be permitted to such an association chartered by the Federal government.
Provided, that, except with the prior consent of the Commissioner, no association at any one time shall have invested pursuant to subdivisions (6), (7) and (9) of this section, an aggregate amount in excess of ten percent (10%) of the total assets of such association.
Provided, further, that the percentage limitations specified in subdivisions (1) and (2) of this section may be exceeded if the investment in excess of such limitations is approved by two-thirds (2/3) of the directors, and is approved in writing by the Commissioner.
Associations may make deposits with any bank and such deposits shall not be construed as loans within the meaning of this Act.
(11) Notwithstanding any provision of this Title, an association may invest its funds in any loan or purchase which is permitted to a
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federal savings and loan association doing business in this territory
(whether such, association is doing such business or not).
SOURCE: GC §41451.